Best way to raise funds for UK Property Purchase while resident in USA?
Feb 26th 2021, 10:22 pm
#1
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Joined: Oct 2012
Posts: 111
Best way to raise funds for UK Property Purchase while resident in USA?
Hello dear forum of infinite expat advice!,
Looking for any recommendations or shared experiences on the above. We are PRs in the USA and have been here for nearly 20 years total. Looking for any advice to raise money to purchase a family home in the UK? Any US or UK banks that will do this while we are PRs in the USA?
We do have another UK property with a very small mortgage amount outstanding and quite a bit of equity, although likely not enough to purchase the place we are looking at. Don’t really want to sell this UK property while we are in the US due to any tax liability that may incur. We still file both UK and US tax returns each year. Nothing usually due on the UK filing.
Cheers!!
Looking for any recommendations or shared experiences on the above. We are PRs in the USA and have been here for nearly 20 years total. Looking for any advice to raise money to purchase a family home in the UK? Any US or UK banks that will do this while we are PRs in the USA?
We do have another UK property with a very small mortgage amount outstanding and quite a bit of equity, although likely not enough to purchase the place we are looking at. Don’t really want to sell this UK property while we are in the US due to any tax liability that may incur. We still file both UK and US tax returns each year. Nothing usually due on the UK filing.
Cheers!!
Feb 27th 2021, 2:31 pm
#2
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,854
Re: Best way to raise funds for UK Property Purchase while resident in USA?
Hello dear forum of infinite expat advice!,
Looking for any recommendations or shared experiences on the above. We are PRs in the USA and have been here for nearly 20 years total. Looking for any advice to raise money to purchase a family home in the UK? Any US or UK banks that will do this while we are PRs in the USA?
We do have another UK property with a very small mortgage amount outstanding and quite a bit of equity, although likely not enough to purchase the place we are looking at. Don’t really want to sell this UK property while we are in the US due to any tax liability that may incur. We still file both UK and US tax returns each year. Nothing usually due on the UK filing.
Cheers!!
Looking for any recommendations or shared experiences on the above. We are PRs in the USA and have been here for nearly 20 years total. Looking for any advice to raise money to purchase a family home in the UK? Any US or UK banks that will do this while we are PRs in the USA?
We do have another UK property with a very small mortgage amount outstanding and quite a bit of equity, although likely not enough to purchase the place we are looking at. Don’t really want to sell this UK property while we are in the US due to any tax liability that may incur. We still file both UK and US tax returns each year. Nothing usually due on the UK filing.
Cheers!!
Last edited by tht; Feb 27th 2021 at 2:37 pm.
Feb 27th 2021, 4:53 pm
#3
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Thread Starter
Joined: Oct 2012
Posts: 111
Re: Best way to raise funds for UK Property Purchase while resident in USA?
Not sure if it applies for property outside the US, or if the current property is a rental, but in the US there is a mechanism to move money between investment properties without capital gains tax, it is called a 1031 exchange: https://www.irs.gov/pub/irs-news/fs-08-18.pdf
Feb 27th 2021, 4:59 pm
#4
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,854
Re: Best way to raise funds for UK Property Purchase while resident in USA?
You would need to be a USC first as you may loose your GC, but you could also move back to the UK and live in the current rental for 2 years and that may qualify you for the exemption on CGT for the first $250/500k depending if you file single/joint.
Last edited by tht; Feb 27th 2021 at 5:03 pm.
Mar 11th 2021, 10:38 am
#5
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Joined: Oct 2012
Posts: 111
Re: Best way to raise funds for UK Property Purchase while resident in USA?
Thanks, good to know. Especially the 2 year tip. Interesting!
